If you haven’t submitted self-assessment tax returns of 2017/2018, HMRC has released a warning to complete and submit the submission in less than a month.
Angela MacDonald, Director General for Customer Services, HMRC, said: “The self-assessment deadline on 31st January is fast approaching but there is still time for customers to file their tax returns online and on time to avoid any unnecessary penalties.”
Around five millions taxpayers in UK are yet to file their self-assessment returns at the turn of the New Year and to avoid late penalties impositions by HMRC, they are keep releasing the warnings, awareness to residents of the 31st January deadline.
How can you know if you need to complete and submit a self-assessment tax return?
Following are the guidelines you fall under if you require to file a self-assessment tax return with HMRC:
Your household is in receipt of Child Benefit and you had an annual income of more than £50,000 in 2017/18
- Do you have untaxed income for example rental income, tips and commission, savings, investments, dividends or foreign income? If yes, you need to file it.
- Are you are self-employed as a sole trader and earned over £1,000? If yes, file you return
- Are you are a partner in a partnership firm? If yes, write to us, Tax filing company in UK, we will help you.
- Are you an employee claiming expenses worth over £2,500? If yes, File your tax return before deadline
- Do you have an annual income over £100,000? If yes, share your statement and we will help you.
Please note that this list is not exhaustive. Please seek professional advice if you are unsure whether you are obliged to file a tax return or would benefit from filing a voluntary tax return.
What penalty you may face as a UK citizen if you are late in filing self-assessment tax returns?
- Initial £100 fixed penalty for missing the 31st January deadline – even if there is no tax to pay or the tax owed is paid on time.
- Additional daily penalties of £10, up to a maximum of £900 for tax returns later than three months.
- Additional penalty of 5% of the tax owed or £300, whichever is greater, for tax returns later than six months.
- Additional penalty of 5% of the tax owed or £300, whichever is greater, for tax returns later than 12 months.
Don’t be late in filing, if you are still not able to figure out how to know if you come under filing, write to us at firstname.lastname@example.org and we will let you know. You can also avail a free consultation session especially for you. Time is key and if you just discovered that you need to file a self-assessment tax return for the 2017/18 financial year, complete and submit it.
Your Brayan & Spencer Associates Accountant can work with you to calculate your tax liabilities, complete your tax return online and submit it using HMRC-approved software. They will even liaise with you on the amounts to be paid and their respective due dates.
This comprehensive service is available for a fixed, competitive price, giving you complete peace of mind. To arrange a free initial consultation on self-assessment ahead of the 31st January 2019 deadline with your local Brayan & Spencer Associates Accountant call 020 7183 5956 or drop us a line using our online enquiry form above.